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Self-Build – Why Should You Consider It?

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Self-Build – Why Should You Consider It?

Published: 3rd September 2020

What is a self-build?

The dictionary definition of ‘self-build’ quite simply reads: ‘a home that the owner has built’. While this is true in a nutshell, at Econekt we believe that it is so much more than that. We feel that is it realising your creative potential, it is the home that suits your budget and lifestyle, it is finally getting that house you have always dreamed of.

Benefits of self-build homes

There are many key benefits to a self-build house. You can live in the house that you want, where you want, and these come with lots of added cost benefits. In fact, the average self-build home tends to be worth 25% over the initial cost of building. You also will be looking at numerous tax advantages, including exemption from capital tax gains when the house is sold, provided you live in the home after completion. Your home will also be entitled to a zero-rating for VAT.

How can Econekt help you realise your dream home?

We take huge pride in being able to offer you the best in Passivhaus low-energy building systems. Whether you are a seasoned vet looking for Izodom elements to build at your own pace, or if you are new to self-build and would like help with all areas of the process, we can help you.

Starting points and considerations for a self-build project

There are many things you must consider when carrying out a self-build and they can ultimately be down to your level of experience, involvement you want to have and budget.

Where would you like to live? – this can seriously influence the price of the end product as land prices and the cost of labour can vary greatly depending on where you plan to live in the country.

The layout and size of your home should be your next consideration – more complicated floorplans and larger homes can sometimes result in a higher overall cost.

How involved do you want to be? – dependent on how capable and experienced you are in taking on some of the workload yourself, you could see considerable reductions in your building costs.

How to finance a self-build project

Unlike a traditional house sale, self-build homes require funding throughout the project, rather than right at the end. While many projects are funded through personal savings or sale of a previous home, you may also want to look into a self-build mortgage.

Self-build mortgages are unlike traditional mortgages since they are released to you in incremental stages after the initial payment to buy the plot of land is given – this is due to there not being an existing property for the bank to repossess if you were to default on payments. Many different self-build mortgage providers in the UK will be able to discuss your financial requirements in detail. Surprisingly, many high street banks and building societies do not offer such a service, just something to bear in mind!

Finding land for a self-build

Finding a plot of land for your dream home can be just as exciting as building the house itself. Many different websites advertise self-build plots all for a variety of requirements and budgets. We can also help at Econekt so please don’t hesitate to get in touch.

A word of warning. Don’t get scammed into buying an area that won’t get planning permission. As the old saying goes, if it sounds too good to be true, it probably is. We would always recommend seeking out expert advice if you are not sure on a plot.

We know that there will be many more questions regarding self-build homes and how you can get started with one. Please get in touch to see how we can help make your dream home a reality. 

E: info@econekt.co.uk

T: +44 (0) 844 225 1680